The risk that keeps me up at night is that you'll get unregulated business models emerging that compete directly with regulated institutions. For example, there are some stablecoin arrangements that, when I look at their balance sheets, look an awful lot to me like banks. They take deposits for a very short period of time and they make long-term investments. Those institutions, if they have balance sheets that look like those of banks, should be regulated like banks. That's what keeps me up.
On June 11th, 2024. See this statement in context.